The Annual General Meeting of Mayberry Investments Limited will be held on Wednesday, June 18, 2014 at 4:00 p.m. at the Knutsford Court Hotel.
The Annual General Meeting of Mayberry Investments Limited will be held on Wednesday, June 18, 2014 at 4:00 p.m. at the Knutsford Court Hotel.
The Annual General Meeting of Montego Bay Ice Company Limited will be held on Wednesday, July 2, 2014 at the company`s registered offices No. 2 Creek Street, Montego Bay, at 4:00 p.m.
The Board of Directors of Supreme Ventures Limited has declared a dividend of $0.09 per share payable on May 29, 2014 to shareholders on record as at May 19, 2014. The ex-dividend date is May 15, 2014.
Desnoes & Geddes Limited (DG) has advised that Mr. Brian Pengelley has resigned as Sales Director of DG effective June 30, 2014. Mr. Pengelley will make his services available as a consultant to DG for a further 6 months ending in December 2014.
Access Financial Services Limited (AFS) has advised that in keeping with an Order of Sykes J. clarifying his previous Order of April 11, 2014, the Board of Directors of AFS by resolution passed unanimously on May 2, 2014, revoked the appointment of Mr. Alexander Johnson to the post of co-CEO. Further the board revoked the powers conferred upon Mr. Johnson by resolution passed on April 14, 2014. The powers that were revoked from Mr. Marcus James, and subsequently conferred on Mr. Johnson, will henceforth vest, remain with and be exercised by the board of directors.
The Annual General Meeting of Jamaican Teas Limited will be held at Jamaican Teas Limited Head Office, 2 Bell Road, Kingston 11, on Wednesday, May 28, 2014 at 3:00 p.m.
Trinidad Cement Limited (TCL) has advised that it proposes to issue Senior Secured First Lien Notes in an aggregate principal amount not exceeding the equivalent of US$325,000,000 to be issued in a Trinidad and Tobago Dollar denominated tranche to be distributed to potential investors in Trinidad and Tobago on a private placement basis, and in a United States Dollar denominated tranche, which will be distributed in the United States of America and Canada on a private placement basis. Approximately US$295,000,000 from the proceeds of the offering is expected to be utilized by TCL to pay existing debt. The remainder of the proceeds of the offering is intended to be used for working capital improvement and to pay all fees and expenses associated with the Offering. The Notes are expected to have a tenor of 7 years and to mature in 2021, at which time the full principal amount will become repayable. Interest on the Notes is expected to be fixed and paid on a semi-annual basis in arrears, commencing approximately 6 months after the issuance of the Notes.
Seprod Limited has advised that Mr. Geoffrey Messado and Dr. Wayne McLaughlin were on the Audit Committee and their resignations which took effect on March 31, 2014 and April 7, 2014 were not in relation to any disagreement in respect of accounting principles or practices, financial statement disclosure or any other material issue impacting the Audit Committee or the members` ability to properly carry out the functions delegated by the board.
Following widespread public outcry, the government has withdrawn the controversial levy on deposit taking institutions and encashments from securities dealers. This was replaced by two new measures which are expected to raise $2.3Bn.
The first measure is a withholding tax on insurance premiums paid to non- residents by Jamaican residents and the modification of the General Consumption Tax (GCT) Act relating to imported services. There will be a 15% withholding tax on all insurance premiums paid by Jamaican residents to non- residents. Premiums paid to non- residents by registered Jamaican insurance companies will be exempt.
The second measure, the modification to the GCT Act to include imported services, is aimed at leveling the playing field for resident and non-resident service providers. Currently, only local service providers are subject to taxes. The Minister noted that the move is designed to stem future revenue losses from this source, as purchasing services supplied offshore is becoming increasingly common.
The government also withdrew the proposed increase in premium tax for regionalized and non- regionalized life assurance companies and the increase in investment tax (to 20%) for insurance companies. Instead, Asset Tax paid by insurance companies will be increased to 1% (from 0.25%). This will be implemented for one year and is expected to yield $900Mn.
National Commercial Bank Jamaica Limited has advised of the promotion of Mr. Brian Boothe to the position of General Manager, Corporate Banking Division, effective May 1, 2014. This is consequent to the departure of Mrs. Marjorie Seeberan on December 31, 2013.